Your top 5 questions about trade-ins answered.
Everything you should know to ensure a successful trade-in.
Your current Hyundai may be reaching that stage in its life where an upgrade is on the cards. If so, you have a couple of good selling options: you can advertise online and sell direct to local buyers, or you can use your current car as a trade-in on a new one.
Not sure about the whole trade-in process? Don’t worry, we’ve answered your frequently asked questions below – and you might just be surprised by the benefits of a decent trade-in deal.
1. HOW DO TRADE-INS WORK?
Well, usually it’s not as simple as swapping one car for another. More often than not, the car you want to trade will be worth less than the car you want to buy. But if you’ve seen a car you like at a dealership, you can offer your current car as partial payment. The dealer will tell you what they’re prepared to pay for your car and that amount comes straight off the purchase price of the car you’re interested in. You then need to pay the balance in cash or via finance.
Click here to check more about Hyundai CarPlanTM - The smarter way to finance your new Hyundai.
2. WILL I GET TOP DOLLAR FOR MY TRADE?
You should get something approximating the market value, but not necessarily the full retail value. While you won’t necessarily get absolute top dollar, the major plus sides of a trade-in include the efficiency and convenience of the process and the avoidance of any upfront advertising costs.
3. HOW DO I GET THE BEST PRICE FOR MY TRADE?
If you’ve looked after your car and kept an accurate, up-to-date maintenance schedule, you’re off to a good start. Then there’s your car’s general condition. Is the paintwork still acceptable? Has your car suffered any structural damage due to an accident? Is the interior well maintained or a little worn and torn? Always be ready for a lower offer if there are any obvious (or less obvious) defects.
4. ARE ALL TRADE-INS LEGIT?
It’s swings and roundabouts and, like most things in life, you do need to be careful. However, if you’re up to speed with the market values of both your trade-in and desired car, you won’t get caught out and you’ll be in a far stronger position to negotiate.
5. CAN I NEGOTIATE ON TRADE-INS?
Absolutely! Remember, a dealer doesn’t want you to walk off the yard without a sale; they want to sell a car. So do your research now and go talk to your nearest Hyundai dealer.
Want to learn more? Check out this related article from a previous issue – Selling vs. Trade-in: The Pros and Cons.